Month: November 2018

Partnering in the dual HQ2 decision is the city area of DC, which will share the nearly 50,000 new jobs the investment will bring. The split and resulting decreased infrastructure requirements has not only opened up new areas as feasible options but also enables Amazon the chance to create two thriving markets while also tapping into the resources and talent each unique location has to offer.

Looking back to some of the statistics from Amazon’s first HQ location, it would seem each area will need to brace for substantial change. “Whenever new business enters an area, demand for housing is almost always likely to go up along with the rate residents are willing to pay,” shares CEO of Western Rim Properties Marcus Hiles who has over 30 decades of experience in the rental market.

A recent article by Forbes focuses in on this top question on the minds of local residents in NYC — how will this influx of new business impact Long Island’s housing market? The article cites the home prices in Seattle jumped more than 35% after Amazon entered the area. And that’s not the only impact the online giant had on the area’s economy, since 2013 home prices are reported to have risen 73% while rents were up 31%.

However the already over saturated populations in NYC and vast infrastructure that exists or is in development in the area presents a unique opportunity for Amazon. Early on the organization had made many evaluations to understand where the best investment would be location wise. One of those studies focused in on the necessary build up a location would require for the company to move in with tens of thousands of new employees brought with it. Online apartment network HotPads provided its data on the matter which did find many of the locations in the Amazon HQ2 shortlist weren’t fully equipped to handle the new growth right out of the gate and would require considerable ramp up to meet the needs of the new business investment.

This competitive rental landscape speaks true even at the top of the rental market with today’s property developers drastically limited with options for breaking ground on new projects. This is not a new trend and has been the case for several decades, one that has successfully pushed both developers and residents into new locations and city burrows that once were not an option for most. But this ability to breathe new life into an overlooked location is one of the most important factors allowing the city to keep on the uprise as it creates the grounds for vibrant new communities with residents and businesses happy to inhabit them.

With experience in both investing and developing in new or untapped areas himself, CEO and Founder Marcus Hiles of Western Rim Properties has seen the impact it can have on the city’s or even state’s whole community. “By creating housing options that are tailored towards introducing new demographics into an overlooked area, you are not only helping to stabilize the housing demand you are also creating opportunities for existing and new residents.” shares Marcus who has made a successful career out of taking a chance on locations that have potential for growth.